KARACHI: The Engro Corporation announced 2013 full year profit at Rs8.2bn which amounted to earning per share (eps) at Rs16.01 compared to profit of Rs1.3bn (eps: Rs2.61) in same period last year, representing growth by 531 per cent.

The board announced specie dividend in the ratio of 1:10 (1 share of Engro Fertilizer for every 10 shares of the Engro Corp).

Analysts said that after witnessing adverse operating environment in 2012, turnaround in the company's flagship urea business in 2013 provided an additional impetus to the holding company’s profitability.

Profit of Rs9.9 per share came from Engro Fertilizer, which made up for the decline in profitability from Engro Foods which contributed Rs1.5 per share in Engro Corp’s EPS.

Engro Corp’s overall revenues grew by 24pc to Rs155bn while cost of sales was up by 19pc, as a result the company posted healthier gross margins at 26pc. Financial costs were down by 4pc to Rs16.8bn from Rs17.5bn year-on-year.

The company’s new fertiliser plant operated for full during the second half of 2013.

Nishat Mills Limited

The company announced results for first half of fiscal year 2014, posting stand-alone profit-after-tax at Rs3.85bn (eps: Rs10.96), representing a sizeable growth of 35pc year-on-year over profit-after-tax at Rs2.90bn and eps at Rs8.13 year-on-year.

The results were in line with market expectations. The earnings in second quarter of fiscal year 2014 clocked in at Rs2,281m (eps: Rs6.49), an increase of 45pc quarter-on-quarter / 27pc year-on-year due to a sharp 87pc quarter on quarter / 36pc year-on-year

up-tick in ‘other income’ as well as 7pc quarter on quarter / 9pc year-on-year growth in revenues which clocked in at Rs14,509m.

An analyst pointed out improvement was expected in the running quarter; the period after the GSP Plus status went into effect.

The company also announced its investment plans.

With the capital injection of Rs10m, the NML intends to establish a wholly owned subsidiary, Nishat Spinning (Pvt) Ltd.

The company also announced Rs2.6bn equity investment in MCB and Rs1bn in Nishat Hotels and Properties Limited in three years.